Beware ‘Depressing Bull Market’: Brown

Stocks continue to make gains, but not because of investor optimism, Josh Brown of Fusion Analytics says.

Stocks continue to make gains, but not because of investor optimism, Josh Brown of Fusion Analytics said Tuesday on CNBC.

"I have never seen this depressing a bull market. We are nowhere near the types of animal spirits that we've seen in previous tops," he said.

On "Fast Money," Brown noted money flowing into exchange-traded funds such as those geared toward low volatility and high dividends.

"Nobody is really riding this bull like it's a rodeo just yet, so I don't think we're at euphoric peak in optimism," he added.

Stephen Weiss of Short Hills Capital said he expected to see the stock market continue to rise.

"I think there still is a wall of worry out there," he said, pointing to federal debt ceiling negotiations in Washington.

"Doesn't matter," he said. "I think we go higher still."

TD Ameritrade's JJ Kinahan said that he agreed with Brown, offering levels to watch.

"If XLF can break over 18 at the same time SPX continues higher, I think we can ride this a long way," he said.

Trader disclosure: On Feb. 19, 2013, the following stocks and commodities mentioned or intended to be mentioned on CNBC's "Fast Money" were owned by the "Fast Money" traders: JJ Kinahan is long AAPL; JJ Kinahan is long BAC; JJ Kinahan is long C; JJ Kinahan is long GS; JJ Kinahan is long WFC; JJ Kinahan is long CSCO; JJ Kinahan is long FB; JJ Kinahan is long MSFT; Stephen Weiss is long ESRX; Stephen Weiss is long BAC; Stephen Weiss is long TBF; Stephen Weiss is long C; Enis Taner is long GS; Enis Taner is short QCOM Put Spread; Enis Taner is long SPY Puts; Enis Taner is long HD Put Spread; Josh Brown is long AAPL; Josh Brown is long GDX; Josh Brown is long GLD; Josh Brown is long XLU; Josh Brown is long TLT; Josh Brown is long XLF; Josh Brown is long WMT.